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Credit Crunch Won't Deter Green Building


Green building offers so many benefits that despite the credit crunch, most commercial green building projects will move ahead, say commercial real estate executives in a recent survey by Turner Construction, one of the nation's largest commercial construction services firms.

Seventy-five percent of the 754 executives responding in the "2008 Green Building Market Barometer" said they would not be any less likely to construct green buildings. The executives saw green buildings as:
  • Having lower energy, operating and lifecycle costs.
  • Having higher building values, asking rents and occupancy rates.
  • Able to generate greater investment returns.

Eighty-four percent of executives said energy costs were lower in green buildings, 68% said overall operating costs were lower, 72% cited increased building value and, 65% cited higher asking rents.

"We are very encouraged to see that real estate professionals continue to recognize the value of building green," said Michael Deane, vice president and chief sustainability officer at Turner. "While companies across all industries have launched green initiatives, construction is central to any discussion of sustainability."

When asked about LEED certification, 54% called the cost of LEED documentation an "extremely" or "very significant" obstacle to seeking certification. However, 83% said they were "extremely" or "very likely" to seek LEED certification if they are planning to build within the next three years, according to the survey. Click here for the full story.